hold on there's just too much going on in Congress lmao...
Expands who can own SBA-backed small businesses.
Rep. Nydia Velazquez (D-NY) and 17 cosponsors.
Introduced in House, referred to Small Business Committee.
The bill clarifies that businesses can be at least 51% owned by non-citizens who are lawfully present and authorized to work in the U.S., including asylum seekers, refugees, green card holders, DACA recipients, and certain non-immigrants. It also allows majority ownership by individuals living abroad. The sponsor, Rep. Velazquez, is the Ranking Member of the House Small Business Committee. The bill has been referred to that committee but has not yet had a hearing or vote.
Introduced Apr 28, 2026
This bill is under review by a committee. The committee holds hearings, gathers testimony from experts and stakeholders, and may propose amendments. If the committee votes to advance it, the bill moves to the full chamber for debate and a vote.
Under current law, SBA loans generally require majority U.S. citizenship or permanent residency. This bill would allow businesses majority-owned by a broader group of immigrants (e.g., DACA recipients, those with work visas) and even people living abroad to qualify. This could increase access to capital for immigrant entrepreneurs. However, since the SBA loan pool is limited, existing eligible businesses might see slightly more competition.
Supporters Say
Supporters say it helps immigrant entrepreneurs create jobs and grow the economy.
Critics Say
Critics argue it may divert loan funds from U.S. citizens and favor non-citizens.
Supporters note that immigrants start businesses at high rates and that the bill aligns SBA policy with existing immigration categories. Critics worry that expanding eligibility could reduce loan availability for businesses owned by U.S. citizens, and that non-resident owners might have less stake in local communities.